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drugstore.com Beats Estimates, Sees 1Q Sales Down Sequentially

drugstore.com

(DSCM)

soundly beat Wall Street's fourth-quarter estimates, just days after disclosing plans to

cut its workforce by an additional 20% and saying that its chief financial officer would resign.

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For the fourth quarter ended Dec. 31, the company lost $28.6 million, or 45 cents a share, excluding the amortization of intangible assets and stock-based compensation. Analysts expected the drug and health information Web site to lose 55 cents a diluted share, according to

First Call/Thomson Financial

. For the same period last year, the company, which is based in Bellevue, Wash., lost $35.7 million, or 84 cents a share.

drugstore.com also posted fourth-quarter sales of $36.2 million, up from $18.5 million for the same quarter the previous year. But drugstore.com expects sales to fall in the first quarter, estimating revenue of $30 million to $31 million.

The company also projected a first-quarter loss before interest, taxes and amortization of $25 million to $26 million. According to First Call, two analysts expect the company to lose 48 cents in the first quarter. For 2001, drugstore.com kept its net sales target unchanged at $135 million to $145 million. The company expects a loss before interest, taxes and amortization of $83 million to $88 million for the year.